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SAN FRANCISCO (CBS.MW) — New York Attorney General Eliot Spitzer will sue Universal Life Resources, a San Diego, Calif. -based group life, accident and disability insurance consultant, CNBC reported. ULR was sued last month by United Policyholders, a non-profit group representing insurance buyers in California, which claimed the consultant was accepting contingent commissions in return… Continue reading Spitzer to sue Universal Life Resources, CNBC says

CHICAGO–(BUSINESS WIRE)–Nov. 11, 2004–Fitch Ratings today downgraded the long-term issuer and debt ratings of the Vesta Insurance Group (NYSE:VTA) to ‘CCC’ from ‘B-‘. This action affects approximately $55.7 million of Vesta’s senior debentures. Fitch also downgraded the insurer financial strength ratings of VTA’s property/casualty insurance subsidiaries to ‘BB-‘ from ‘BB’ and the capital securities rating… Continue reading Fitch Downgrades Vesta & Places Ratings on Rating Watch Negative

Quotesmith.com, Inc., (Nasdaq: QUOT), the only place on earth where you can get instant insurance quotes from over 200 leading companies and have the freedom to buy from the company of your choice, today announced that it has received a subpoena requesting documents and seeking information from the State of Illinois Department of Financial and… Continue reading Quotesmith.com Receives Subpoena Relative to Insurance Industry Sales Practices

OLDWICK, N.J. Nov. 11, 2004 A.M. Best Co. has placed the financial strength rating of B (Fair) of the property/casualty affiliates of Vesta Insurance Group Inc. (Vesta) (NYSE: VTA) (Birmingham, AL) under review with negative implications. A.M. Best has also assigned an issuer credit rating of “b” to Vesta, placing the rating under review with… Continue reading A.M. Best Places Ratings of Vesta Insurance Group Under Review With Negative Implications

CHICAGO–(BUSINESS WIRE)–Nov. 3, 2004–Fitch Ratings has placed the ‘B+’ insurer financial strength (IFS) ratings of the three domestic insurance subsidiaries of Brandywine Holdings on Rating Watch Negative. (See below for a detailed rating list.)     Today’s rating action does not affect either the ratings or Rating Outlook of any other ACE subsidiaries. Additionally, today’s… Continue reading Fitch Places Brandywine Holdings’ Subs IFS Ratings on Watch Negative

Standard & Poor’s Ratings Services announced that it has placed its “BB-” counterparty credit and bank loan ratings on USI Holdings Corp. on CreditWatch with negative implications. “This rating action follows the company’s announcement on Oct. 29, 2004, that it expects to receive a subpoena from the New York State Attorney General regarding the payment… Continue reading S&P Puts USI Ratings on CreditWatch Negative

OLDWICK, N.J.–(BUSINESS WIRE)–Nov. 1, 2004–A.M. Best Co. has revised the rating outlook to negative from stable on the A (Excellent) financial strength ratings for Employers Reinsurance Corporation (Overland Park, KS) and GE Reinsurance Corporation (Barrington, IL)–together Employers Re Corp Group–First Specialty Insurance Corporation and Westport Insurance Corporation (both of Overland Park, KS). Concurrently, A.M. Best… Continue reading A.M. Best Revises Outlook for Employers Re Corp Group, Westport Insurance Corporation and First Specialty Insurance Corporation

Fitch Ratings has downgraded the senior debt and long-term ratings on Marsh & McLennan Companies Inc. (Marsh) to ‘BBB’ from ‘A-‘. The short-term ratings on Marsh remain at ‘F2’. All ratings remain on Rating Watch Negative. Fitch has lowered Marsh’s senior debt rating four notches since the announced civil suit brought against the company by… Continue reading Fitch Drops Marsh & McLennan’s Senior Debt

SAN FRANCISCO (CBS.MW) — Aon Corp. (aoc) had its counterparty credit, senior debt and preferred stock ratings cut by Standard & Poor’s Thursday on concern the insurance broker’s earnings and cash flow will be hit by New York Attorney General Eliot Spitzer’s investigation of the industry. The rating agency said it dropped Aon’s counterparty credit… Continue reading Aon ratings cut by S&P on concern about Spitzer probe

SAN FRANCISCO (CBS.MW) — Standard & Poor’s said Thursday that it has put Willis Group Holdings (wsh) counterparty credit rating on CreditWatch with negative implications. The ratings agency said the move comes after the New York Attorney General’s investigation into the insurance industry.